Ms. Engstrom is the Director General of Sectors Department 3 of
the Asian Development Bank (ADB) effective 28 July 2025. She leads the Finance
Sector Office, Human and Social Development Sector Office and Public Sector
Management and Governance Sector Office.
Ms. Engstrom was previously the Senior Director of ADB’s Financial Sector Office (2023–2025) leading ADB’s sovereign operations to develop financial sectors across developing member countries. Prior to this, she was the Director of Private Sector Financial Institutions Division for approximately ten years managing a team supporting financial institutions through loans, equity, guarantees, and technical assistance.
Prior to ADB, Ms. Engstrom worked at Fannie Mae, the Overseas Private Investment Corporation, and the International Finance Corporation in Washington, D.C. She has an MBA from Georgetown University and a master’s degree in international affairs from the University of Virginia.
Global Head, Financial Markets Legal Standard Chartered Bank, Singapore
John Ho is Global Head of Legal for Financial Markets at Standard Chartered Bank. He leads a global team advising on legal, regulatory and strategic matters across the Banks markets business, including derivatives, securities financing, digital assets, innovation in financial markets, market infrastructure, and regulatory change initiatives.
Principal Financial Sector Specialist Asian Development Bank (ADB)
Arup Chatterjee is Principal Financial Sector Specialist with the Finance Sector Office at the Asian Development Bank's Headquarters in Manila. As a practice lead for capital markets, contractual savings, and insurance, he guides financial sector development programs for addressing climate and disaster risks and mainstreaming and scaling up climate finance into ADB's operations, lending, and advisory services.
Arup has previously served at the Bank for International Settlements in Switzerland, the Insurance Regulatory and Development Authority of India and the Ministry of Finance in India, where he led work promoting a sound, progressive and inclusive financial sector.
An alumnus of the Indian Institute of Foreign Trade, Jawaharlal Nehru University, and Delhi University, Arup has also undertaken specialized courses at NYU Stern School of Business and the University of Cambridge.
He is an active blogger and regularly contributes to newspapers and journals on contemporary topics.
Chief Executive Officer Sustainable Finance Institute Asia Limited ("SFIA")
Eugene Wong is the Chief Executive Officer of SFIA, an independent institute established to catalyse ideas on Sustainable Finance at the policy level in ASEAN, as well as propel action in support of those policy ideas. SFIA is currently the Host of the ASEAN Taxonomy Board.
Eugene was previously the Managing Director, Corporate Finance & Investments of the Securities Commission Malaysia (“SC”). He also served as a member of the Audit Oversight Board in Malaysia and was an Adviser to the Malaysian Accounting Standards Board. He oversaw the SC’s ASEAN related initiatives and was a Chair of the Deputies of ASEAN Capital Markets Forum and a Co-Chair of the ASEAN Working Committee on Capital Market Development.
Eugene is a Fellow of Chartered Accountants Australia and New Zealand, Fellow of CPA Australia and a Chartered Accountant of the Malaysian Institute of Accountants.
Senior Financial Sector Specialist East Asia, Southeast Asia, and the Pacific Finance Sector Office, Sectors Department 3 Asian Development Bank (ADB)
Mr. Kelvin Lester K. Lee is a Senior Financial Sector Specialist of the ADB. Before joining ADB. He previously served as a Commissioner of the Securities and Exchange Commission of the Philippines (SEC). As Commissioner, he was concurrently designated and served as a Board Member of the ASEAN Taxonomy Board, Co-Chair of the Sustainable Finance Working Group of the ASEAN Capital Market Forum (ACMF), and Co-Chair of the ASEAN Working Committee on Capital Market Development (WC-CMD). He was also a member of the Philippine Financial Sector Forum (FSF) and the Executive Committee of the Financial Stability Coordination Council (FSCC). A lawyer by profession, he holds a Bachelor of Science and a Juris Doctor degree from the Ateneo de Manila University and was admitted to the Philippine Bar in 2009. He is a Lee Kuan Yew Senior Fellow in Public Service of the National University of Singapore (NUS).
Director and head, Markets Policy & Consumer Department, Monetary Authority of Singapore
Kenneth Kwan is Head of the Markets Policy & Consumer Department at the Monetary Authority of Singapore (MAS). He represents MAS at international and regional meetings on capital markets, including the International Organization of Securities Commissions and ASEAN Capital Markets Forum.
Director Finance Sector Office Sector Department 3 Asian Development Bank (ADB)
Sani is the Director for the Finance Sector Office covering Central & West Asia region and CAREC capital market. In his role, he leads the ADB finance team to deliver finance sector programs with emphasis on sustainable capital market, disaster risk finance, financial stability and banking reforms, as well as MSMEs access to finance. He has guided his team to deliver the first contingent disaster finance facility in Central West Asia, ADB’s first issuance of disaster relief bond.
He was previously outposted to Indonesia for 6 years and was ADB’s focal point for financial sector programs with the government as well as Financial Services Authority (OJK). In addition, in his earlier role, he led ADB’s regional capital market integration program for ASEAN countries, financial sector programs and the COVID Active Response programs in Indonesia. The landmark initiative of ADB’s support for ASEAN capital market integration is the partnership with the ASEAN Capital Market Forum (ACMF) in developing the ASEAN Green Bond Standards, ASEAN taxonomy and the ASEAN corporate governance scorecard. Learning from that experience, Sani is now leading a team to institutionalize the CAREC Capital Market Development Forum (CMDF) which will be launched in September 2026. Sani has also led ADB’s assistance program to support Bangladesh, Indonesia, and Pakistan to implement prudential standards in Islamic finance. He also led lending programs in Lao PDR, Vietnam and Indonesia. Before joining ADB in 2009, Sani worked in various roles in the Market Development department of Securities Commission Malaysia for 7 years.
Sani is originally from Penang, Malaysia and graduated with a law degree from the International Islamic University of Malaysia and LLM master’s degree with distinction in Durham University, UK where he specialized in international finance including corporate governance and financial regulations. He also completed the Cambridge Fintech and Regulatory Innovation and Financial Technology executive education at the Cambridge Judge Business School.
Commissioner FiSecurities and Exchange Commission Philippines and Deputy to the Chair of the ASEAN Capital Markets Forum (ACMF)
McJill Bryant T. Fernandez is a Commissioner of the Securities and Exchange Commission Philippines and Deputy to the Chair of the ASEAN Capital Markets Forum (ACMF). He chairs and co-chairs the ACMF working groups on corporate governance, market promotions, and sustainable finance, and serves as a principal member of the ASEAN Taxonomy Board.
Financial Sector Specialist Finance Sector Office, Sectors Department 3 Asian Development Bank (ADB)
Samir Ismayilov is the Financial Sector Specialist at the Asian
Development Bank, where he supports financial sector development projects and
programs across Central, West, and South Asia. His work focuses on capital
market development, sustainable finance, disaster risk financing, and inclusive
finance, including support for sovereign lending and technical assistance
programs. Prior to joining ADB, Samir worked with the European Bank for
Reconstruction and Development and the Central Bank of Azerbaijan, where he led
initiatives to develop capital markets, market infrastructure, and regulatory
reforms. He holds a bachelor’s degree in economics from Newcastle University
and a master’s degree in financial economics from the University of Leicester,
both in the UK.
Financial Sector Specialist Finance Sector Office, Sectors Department 3 Asian Development Bank (ADB)
Sonor Luvsandorj is a Financial Sector Specialist in the Finance Sector Office of Sectors Department 3 at the Asian Development Bank (ADB), where he supports sovereign operations, policy reform, and technical assistance programs across Asia and the Pacific. He has more than a decade of experience in financial sector development, public financial management, capital market development, sovereign debt management, and sustainable finance.
Prior to joining ADB, Mr. Luvsandorj served as Director General of the Financial Policy Department and Director of the Financial Markets and Insurance Division at Mongolia's Ministry of Finance, where he led policy reforms, debt management operations, sustainable finance initiatives, and financial sector development programs. He played a key role in strengthening capital markets, advancing AML/CFT reforms, and developing Mongolia's sustainable finance framework. He holds a Master of Public Administration from Tsinghua University and a Bachelor of Business Administration from the University of Washington.
Head of Sales & Relationship Management, International Primary Markets
Ms. Rosa Scappatura is the Head of Sales & Relationship Management at the Luxembourg Stock Exchange (LuxSE). In this role she is responsible for developing and managing the Exchange’s international relationships with issuers, financial institutions, intermediaries and investors globally.
Ms. Scappatura joined LuxSE in Jan 2025, after over two decades at the Bank of New York Mellon (BNY). Her experience in international capital markets spans across issuer and investors, business development and market infrastructure.
Asia Pacific Sustainability Leader Partner, PwC Malaysia
Andrew is PwC's Asia Pacific Sustainability Leader and also leads the Sustainability & Climate Change practice across SE Asia which he founded in 2007. He focuses on how sustainability impacts value and is involved in leading edge work to quantify the impact to both shareholder and societal value, mostly focused on investor portfolio companies.
Andrew was PwC’s global representative on GFANZ Workstream on Mobilizing Capital to EMDEs, 2024, and GFANZ Mainstreaming Transition Finance workstream, 2023. He is a Member of the Industry Advisory Panel for the Joint Sustainable Finance Working Group for the ASEAN Working Committee on Capital Market Development and the ASEAN Capital Markets Forum, 2021-2026. His work with ACMF includes support on the ASEAN Taxonomy, transition planning, and voluntary carbon markets.
He was actively involved in the government linked company transformation programme, and more recently, authored guidebook 2 "Sustainable, Socially Responsible and Ethical PLCs" for the PLC transformation programme.
Andrew holds an MEng (Hons) Engineering, Economics and Management from the University of Oxford, and was a Visiting Scientist with MIT Sloan School of Management where he supported the sustainability and leadership curriculum.
Securities and Exchange Commission Philippines
SEC Chairperson and CEO Francisco Lim were appointed in June 2025. He also serves as Chair of ASEAN Capital Markets Forum (ACMF) where the SEC Philippines leads regional efforts to advance market integration and stronger cross-border cooperation. He brings over four decades of leadership in capital markets regulation, corporate governance, and legal reform.
Deputy Commissioner for International Affairs Financial Services Agency, Japan
Mr. Seiichi ITO serves as the Deputy Commissioner for International Affairs at the Financial Services Agency of Japan. He is responsible for promoting financial cooperation, particularly with Asian and emerging economies, advancing financial inclusion, and fostering economic partnerships. He also holds the position of President of the Global Financial Partnership Center (GLOPAC), which hosts officials from financial authorities and central banks in emerging economies for training and research programs.
Principal Digital Finance Specialist (Unit Head)
Finance Sector Office, Sectors Group 3
Asian Development Bank (ADB)
Lisette Cipriano is a passionate advocate for the transformative power of digital financial services in advancing financial inclusion and economic resilience. With a global career spanning Europe, Africa, and Asia and the Pacific—including her work with Vodafone Group on M-Pesa, the world’s most successful mobile money service—she brings deep expertise in payments, card acquiring and issuing, and alternative payment methods.
As Unit Head for Digital Finance and Innovation within ADB’s Sectors Group, Lisette leads a diverse portfolio of initiatives that leverage emerging technologies such as digital ID, cloud computing, and Open APIs. Her work supports ADB’s developing member countries in navigating the evolving digital finance landscape through project loans, technical assistance, and knowledge solutions.
Director General
Central and West Asia Department
Asian Development Bank (ADB)
Leah Gutierrez was appointed the Director General of Central and West Asia Department (CWRD) at the Asian Development Bank (ADB) in Manila, Philippines from July 2025. Ms. Gutierrez is a national of the Philippines. She holds a doctorate degree in economics from the University of Pennsylvania, USA and a bachelor's degree in business economics from the University of the Philippines. Ms. Gutierrez has more than 35 years of professional experience with 24 years at ADB. She is an economist with social sector experience in both project operations and policy research.
Prior to joining ADB, she was in the faculty of the Department of Public Administration of Syracuse University's Maxwell School in New York, USA. She joined ADB in 2000 as a project economist and progressed through various levels of responsibility across operations and non-operations departments. Since 2012, she has held managerial roles in an operations department, the corporate secretary office, and the strategy department. In February 2025, she was appointed the Director General of Sectors Department 3 (SD3), which covers finance, human and social development, and public sector management and governance sectors and in March 2020, Director General of the Pacific Department, where she provided leadership in the planning, implementation, and supervision of the department’s work to support the Pacific region. She managed relationships and was an effective advocate within ADB for the specific needs of Pacific countries.
Agency for Securities and Special Registration Ministry of Finance of the Republic of Taiikistan
Senior capital markets professional leading the development and modernization of Tajikistan's securities market successfully advancing regulatory reforms, market infrastructure, government and corporate securities, and international cooperation. Led the introduction of Tajikistan's first market-based government bonds and green bonds, strengthened investor confidence, and aligned the capital market with international standards and best practices.
Ms. Khulan Bat‑Erdene is the Deputy Minister of Finance of Mongolia, a position she has held since December 2025. She has extensive professional experience in financial risk management, investment fund management, and economic and investment policy advisory, with a career spanning leading international financial institutions and senior roles in public sector policy formulation.
She began her career in Mongolia’s banking sector as a Risk Analyst at Golomt Bank and XacBank. She later gained international experience in Europe, working with Schroders Investment Management in Luxembourg and the United Kingdom, followed by analytical and senior roles at Waystone Investment Management, Notz Stucki Europe Investment Management, and HSBC Bank (UK), primarily in investment fund management and risk analysis.
From 2021 to 2024, Ms. Khulan served as a Consultant to the Cabinet Secretariat of the Government of Mongolia, the Financial Regulatory Commission, and Rina Consulting LLC, contributing to economic, financial, and regulatory policy development. She was subsequently appointed Economic and Investment Policy Advisor to the Minister of Mongolia and the Chief Cabinet Secretariat, and later Senior Economic and Investment Policy Advisor to the First Deputy Prime Minister. In November 2025, she was elected President and Board Member of the Mongolian Association of Certified Financial Analysts.
Ms. Khulan holds Bachelor’s degree in Economic Mathematical Modeling from the National University of Mongolia and Master’s degree in Banking and Finance from the University of Luxembourg, and she holds designation of Chartered Financial Analyst (CFA), CFA Level 4, ESG Investing.
(South, Central and West Asia)
Asian Development Bank (ADB)
Mr. Yingming Yang is the Vice-President (South, Central and West Asia) of the Asian Development Bank (ADB). He joined ADB on 15 January 2024.
Mr. Yang is responsible for operations in the South Asia Department and the Central and West Asia Department.
Mr. Yang has over 30 years of experience in economic development, working on issues ranging from operations to policy making. He has held various leadership positions in the Ministry of Finance of the People’s Republic of China (PRC) and was the Director General of the Department of International Economic Relations.
Mr. Yang has in-depth understanding of multilateral development banks, having served as the Executive Director for the PRC at both the World Bank and ADB, as well as the PRC’s authorized negotiator for establishing the New Development Bank. He has also served as member of the board and council of the Global Environment Facility, the Global Infrastructure Facility, and the Green Climate Fund. While in charge of cooperation between the PRC and ADB at the Ministry of Finance he actively supported the establishment of the Central Asia Regional Economic Cooperation Program, the PRC Poverty Reduction and Regional Cooperation Fund, and the Credit Guarantee and Investment Facility.
Mr. Yang holds a master’s degree in development economics from the University of Manchester and a master’s degree in literature criticism from Beijing Foreign Studies University. He obtained his bachelor’s degree in English language and literature from Hebei Normal University.
Delegate of the Royal Government in Charge as Director General of Securities and Exchange Regulator of Cambodia (SERC)
H.E. Sou Socheat is the Delegate of the Royal Government in charge as Director-General of Securities and Exchange Regulator of Cambodia (SERC), is also a member of Non-bank Financial Services Authority Council. In addition to the above position, he is a member of Supreme National Economic Council and a member of the digital Economy and Business Committee, the Deputy Chair of Legal and Justice Council of the ministry of Justice, a member of sub-committee on Corporate Governance Development of the Private Sector Development Committee, a member of Financial Development Committee, Deputy Chair of the Government Securities Working Group, and Permanent Vice Chair of the Inter-Ministerial Working Group Responsible for Preparing and Drafting the Law on the Management of Virtual Assets/Digital Assets and Related Legal Instrument Documents.
Since joining the Ministry of Economy and Finance, he has undertaken numerous assignments to promote financial sector development in Cambodia. These assignments include development of the Securities sector in Cambodia, and member of working group responsible for developing Financial Development strategy 2006-2015, 2011-2020, 2016-2025 and 2021-2030. H.E. obtained master’s degree in public administration from Lumière Lyon 2 University, France.
Josafat is a member of the Growth and Emerging Markets (GEM) team, and the Implementation Monitoring team at IOSCO. In this role, he provides support to the General Secretariat, the IOSCO Board, the GEM Committee and the GEM Steering Committee, and the Assessment Committee. In addition, Josafat supports the implementation monitoring work of CPMI-IOSCO, as well as the Committee 8.
Prior to joining the IOSCO General Secretariat in February 2016, Josafat was Deputy General Director for Cross-Border Supervisory and Enforcement Cooperation at the National Banking and Securities Commission (CNBV) of Mexico. Furthermore he was the CNBV representative to IOSCO's Committee 4 on Enforcement and the Exchange of Information and the MMoU Screening Group.
Josafat has a Bachelor's degree in Public Administration from El Colegio de Mexico and a Master's degree in International Relations (International Finance) from the Paul H. Nitze School of Advanced International Studies (SAIS) of The Johns Hopkins University.
Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market
Senior financial sector expert with 20+ years in regulation, banking, and consulting. Director of Capital Markets Supervision, experienced in financial sector reforms, risk frameworks, asset quality reviews, stress testing, and capital adequacy. Leads market oversight and development initiatives, with extensive experience managing major programs and collaborating with leading international organizations.
Xiaoqin (Emma) Fan
Asian Development Bank (ADB)
ISLAMABAD, PAKISTAN (14 October 2024) — The Asian Development Bank (ADB) has appointed Xiaoqin (Emma) Fan as its new Country Director for Pakistan. She joined the Pakistan Resident Mission today to officially commence her role.
As Country Director, Ms. Fan will oversee ADB’s operations in Pakistan, including the implementation of the country partnership strategy (CPS) that prioritizes lifting growth, increasing resilience, and boosting competitiveness. She will also lead the consultation for the new CPS covering the period from 2026 to 2030.
“I am delighted to be back in Pakistan to lead the country office. I look forward to promoting ADB’s longstanding partnership with the government and people of Pakistan,” said Ms. Fan. “ADB will continue to work closely with Pakistan’s federal and provincial governments, the private sector, and other stakeholders to speed-up economic recovery, implement reforms, and champion policies and development processes to create jobs. We’ll scale up our support for climate resilience, private sector development, and institutional development; and we will continue to foster livable cities, rural development, digital ecosystems, growth centers, and regional cooperation and integration.”
A national of New Zealand, Ms. Fan holds a Doctorate in Economics from the Australian National University, and Master’s and bachelor’s degrees from Lanzhou University in the People’s Republic of China (PRC). She has more than 30 years of professional experience, including 22 years in ADB.
Ms. Fan joined ADB in June 2002 as an Economist, and since then has held positions of increasing responsibility in various departments across the bank. In December 2013, she was appointed as Advisor for ADB's Strategic Planning Department (SPD) and the Head of its Results Management Unit. In June 2016, she was appointed as the Regional Director of ADB's Pacific Liaison and Coordination Office (PLCO) and in 2019 as Director for Public Management, Financial Sector, and Regional Cooperation Division of the East Asia Department.
Following the introduction of ADB’s New Operating Model in June 2023, Ms. Fan was redesignated as Director, Finance in Sector Group-Finance, where she had been successfully building the pipeline for the finance sector, strategically leading the sovereign-non-sovereign collaborations involving multiple ADB corporative initiatives. As Country Director for Pakistan, Ms. Fan succeeds Yong Ye who held the post from 2021.
Prior to joining ADB, Ms. Fan worked as a Policy Adviser at the Department of Finance and Administration in Australia, an Economist at the New Zealand Institute of Economic Research in New Zealand, and a Researcher at Lanzhou University in the PRC.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.
Department of International Affairs China Securities Regulatory Commission (CSRC)
Congyan Tan is Deputy Director General at the Department of
International Affairs, China Securities Regulatory Commission (CSRC). Mr. Tan served as Vice President of China Institute of Finance and Capital Markets
(CIFCM), the research institute of China Securities Regulatory Commission
(CSRC). At the institute he leads China macro and international finance
research. Prior to CIFCM, he worked as Senior Economist at the World Bank, in
various roles leading economic and financial policy dialogues and research
programs in Asia, Latin America, and Europe, and published policy reports on a
range of development issues. He studied in Peking University, University of
Toronto, and holds a Ph.D. in Economics from University of California at
Berkeley.
Securities Market Division, Securities and Exchange Commission of Pakistan
Muhammad
Ali Farid Khwaja has over twenty years' experience in global financial markets
as an investor, entrepreneur and investment banker. Prior to joining SECP, he
was the CEO of a mining company listed on London Stock Exchange. He co-founded
Oxford Frontier Capital, an investment firm based in London with investments
across Saudi Arabia, UAE and Pakistan. Ali has won various awards from bodies
such as CFA Society Pakistan, Asia Money, TIM and Thomson Reuters. He was
selected for Pride of Pakistan Award by ISPR and is a recipient of LUMS Alumni
Achievement Award. Ali has done MSc in Financial Economics from Oxford where he
was a Rhodes Scholar. He did a Double Major in Economics and Computer Science
from LUMS and graduated with Distinction.
Supervision Division, Securities and Exchange Commission of Pakistan
Seasoned professional
with over 25 years of experience leading large-scale portfolios across both
private and public sectors. Proven record in driving revenue growth, enforcing
compliance and governance frameworks, and consistently achieving key
performance targets. Well-versed in financial research, investment policy, risk
management, and sophisticated financial instruments including mutual funds,
ETFs and real estate investment trusts. Skilled in crafting commercial and
business development strategies that balance impact with long-term strategic goals.
Central Bank of Azerbaijan
Executive Director at the Central Bank of Azerbaijan with professional experience in central banking, capital market development, and economic policy. Responsible for regulation, policymakers, and supervision in the capital market.
East Asia Department
Asia Development Bank (ADB)
Muhammad Ehsan Khan is Director General of the Asian Development Bank’s East Asia Department, where he leads the planning, implementation, and supervision of ADB operations in the region and serves as ADB’s focal point for member countries. Prior to that, he served as the ADB Secretary. Between 2019 and 2021, he also served as Senior Advisor in the Central and West Asia Regional Department where he guided the work of ten resident mission and oversaw ADB’s COVID related support to individual countries in the region. He has held various senior operational and management roles since joining ADB in 2003. He holds a PhD in Agricultural Economics.
Asia Development Bank (ADB)
Carmen Garcia Perez is a Regional Cooperation Specialist at the Asian Development Bank, where she leads and supports regional initiatives across Central and West Asia, and South Asia focused on disaster risk management and financing, climate resilience, regional cooperation, and institutional development. Prior to joining ADB, Carmen worked at the Spanish Embassy in The Philippines, where she supported trade, investment, and business development initiatives between Spain and Southeast Asia. She also previously worked at an international development consulting firm, where she managed donor-funded projects on public financial management, local governance and regional economic development across Asia, Africa, and Latin America. Carmen holds an MBA in International Business Management from the Spanish Institute for Foreign Trade (ICEX) and a Double Bachelor’s Degree in Economics and Journalism from Universidad Carlos III in Madrid.
Financial Regulatory Commission of Mongolia
Mr. Jambaajamts Tundev is the Chairman of the Financial Regulatory Commission (FRC) of Mongolia. He has nearly two decades of experience in financial sector regulation, supervision, and capital market development.
Mr. Tundev began his career at the FRC in 2006 and has held various positions within the Commission, including Director General of the Securities Market Department (2014–2015), Deputy Director General of the Supervision Department (2015–2016), and Chief Executive (2016–2024). Throughout his career, he has gained extensive experience in securities market regulation, financial supervision, and capital market policy development.
He holds a Master of Business Administration (MBA) from the University of Finance and Economics and a Bachelor of Law in International Law from the National University of Mongolia.
CAREC Institute, Urumqi, PRC
Dr. Asif Razzaq is a Senior Research Specialist at the CAREC Institute with over 10 years of professional and research experience. He holds a PhD in Economic System Analysis and Management from Dalian University of Technology, PRC. His research mainly focuses on foreign direct investment spillovers, climate change, and the digitization. He has led and contributed to several projects across the CAREC region on investment promotion, green finance, and digital divide. Dr. Razzaq has published numerous policy research reports and academic papers in reputable international journals and is a highly cited researcher with more than 10,000 citations. Previously, he worked in commercial and microfinance banking, primarily in SME financing.
Financial Regulatory Commission
Dulguun Battulga is the Director General of the Securities Market Department at the Financial Regulatory Commission (FRC) of Mongolia. He has over 17 years of experience in Mongolia’s banking and financial sector, including key roles at a systemically important bank, the Ministry of Finance and the FRC.
With nine years of dedicated experience in the public sector, he has played a key role in aligning Mongolia’s capital market with international standards, improving regulatory frameworks, and facilitating the introduction of diverse financial products and services. His leadership has been pivotal in foundational reforms, including the privatization of state-owned enterprises, banking sector reform, the establishment of an over the counter (OTC) market as well as the mining products commodity exchange market. Committed to strengthening global partnerships, Dulguun actively promotes international cooperation for the FRC, working closely with leading regulatory bodies and financial organizations worldwide.
He holds a Bachelor of Business Administration from the University of Finance and Economics of Mongolia, a Bachelor of Law from Shihihutug University, and a Master of Business (Finance) from Queensland University of Technology in Australia.